Memphis City Council unanimously approves Bass Pro lease

Memphis City Council on Aug. 10 voted 12-0 in favor of approving the Pyramid lease for the new Bass Pro Shops store location, according to The Commercial Appeal of Memphis.

In early July, the city of Memphis and Bass Pro agreed to a 55-year lease, with the possibility of city funding for the project, according to Springfield Business Journal coverage.

With the latest council meeting, the city has now approved $63 million in state and federal funding for the project, with the stipulation that the city gets 2 percent of the location's gross sales and 1 percent of boat and vehicle sales. The city will be paid a minimum of $1 million annually after the first year, according to the Commercial Appeal.

Bass Pro is planning to open the store by November 2011, according to SBJ.[[In-content Ad]]